The President with the worst average unemployment rate since World War II is?

[EdwardBaiamonte]

National Coalition Reinvestment Community:

"since the passage of the CRA in 1977 leaders and community organizations have signed over 446 CRA agreements totaling more than $4.5 trillion in reinvestment dollars flowing to minority and lower income neighborhoods."

 

[EdwardBaiamonte]

BoA 10k 2009: "At December 31,2009, our CRA portfolio comprised 6% of the total residential mortgage balances but 17% of the non performing residential mortgage loans."

 

[EdwardBaiamonte]

HUD press release July 29,1999 "plan to require the nations two largest housing finance companies (Fan/Fred) to buy $2.4 trillion in mortgages over the next ten years to provide affordable housing for about 28.1 million low income families."

 

[EdwardBaiamonte]

Jamie [libsoviet] Gorelick: "your CRA business is very important to us . Since 1997, we have done nearly $7 billion in specially targeted CRA business- all with depositories like yours. But that is just the beginning. Before the decade is over Fannie Freddie is committed to finance over $20 billion in specially target CRA business and over $500 billion in CRA business altogether....

We want your CRA loans because they help us meet our housing goals... We will buy them from your portfolios or package them into securities...We will also purchase CRA loans you make right at the point of origination.... you can originate CRA loans for our purchase with one of our CRA friendly products, like our 3% down fanny 97. Or we have special community lending products with flexible underwriting and special financing... Our approach is CRA your way"

 

[Dad2three]

The Republican plan crashed the global economy in 2008

The Republican plan was freedom. The economy was crushed by Bush and 132 liberal programs designed to get people into houses the Republican capitalist free market said they could not afford.

Only a liberal could be stupid enough to say the 132 programs had nothing to do with the folks who could not afford their homes.

Do you understand?

Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."

Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (2004)
Lowering Investment bank;s capital requirements, Net Capital rule (2004)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (2003)
Lowering down payment requirements to 0% (2004)
Forcing GSEs to spend an additional $440 billion in the secondary markets (2004)
Giving away 40,000 free down payments (2004-2007 supported by all but 2 GOP members of Congress in 2004's bill)
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

. Even after being shown two indepent sources which concluded CRA loans were not responsible for the financial collapse,

perhaps not 100% responsible but CRA was a typical liberal program
designed to get people into homes the free market said they could not afford.


For the first time, banks were required to show results. One of the five performance criteria in the "lending test" — the most heavily weighted component of the CRA exam — was adopting "flexible lending practices" to address the credit needs of poor borrowers in "predominantly minority neighborhoods." Banks that didn't bend their underwriting rules risked flunking the exam.

Ex-Federal Reserve Board Gov. Lawrence Lindsey, a staunch CRA defender, acknowledges that the changes "did contribute to a downgrading of credit standards."

FICTION: "Many of these (CRA) loans were not very risky," the FCIC report claims.

FACT: Studies show that CRA loans have higher delinquencies and defaults and act as a major drag on bank earnings. In 2008, CRA loans accounted for just 7% of Bank of America's total mortgage lending, but 29% of its losses on home loans. Also, banks with the highest CRA ratings tend to have the lowest safety and soundness ratings.

FICTION: Only 6% of subprime loans were originated by banks subject to the CRA, so the vast majority of risky lending was not tied to the law.

FACT: Among other things, the figure does not count the trillions of dollars in CRA "commitments" that WaMu, BofA, JPMorgan Chase, Citibank, Wells Fargo and other large banks pledged to radical inner-city groups like Acorn, Greenlining and Neighborhood Assistance Corp. of America (NACA) after they used the public comment process to protest bank merger applications on CRA grounds.

All told, they shook down banks for $4.6 trillion in such commitments before the crisis, boasts a report by the National Community Reinvestment Coalition, or NCRC, the nation's top CRA lobbyist (which conveniently removed the report from its website during the FCIC hearings).

FICTION: "These loans performed well," the FCIC report maintained.

FACT: Brookings found that the loan commitments were set aside for low-income minorities with "marginal credit scores" and posed a higher risk. They were even riskier than regular CRA loans, because the banks delegated underwriting authority to the nonprofit shakedown groups, which had no experience judging credit risk.

NACA thinks traditional underwriting standards are "patronizing and racist." It advertises that anyone — "regardless of how bad your credit is" — can qualify for the mortgages it's arranged through special deals with banks. Not surprisingly, one study found that its delinquency rates were eight times higher than the national average.

Banks reported delinquency rates ranging from 5% to 50% on loans made pursuant to their merger-related commitments.

Yet the FCIC refused to investigate the more than 300 CRA agreements that banks and community organizers entered into before the subprime bubble burst.

Despite repeated requests by Commissioner Peter Wallison, the panel never examined the performance of the trillions in loan commitments.

Why would Chairman Angelides steer blame away from the CRA? Because he's a big fan of the CRA. And as California state treasurer, from 1999 to 2007, he steered billions in state funds into unsafe CRA mortgages securitized by Freddie Mac.

At the time, Greenlining advised Angelides on where to invest California state funds, even providing him with its own CRA report card on "good" and "bad" banks. He has also personally benefited from CRA projects brokered by his real estate development firms, according to "The Great American Bank Robbery."

As part of the CRA racket, Angelides should have been a witness in the crisis investigation, not its chief inquisitor. With the cover-up complete, he now hopes that CRA critics will go away.

"The debate about the role of the CRA should now be over as evidence presented in the commission's report is clear," Angelides declared earlier this month.

Sorry, sir, but the debate will end when the public has all the facts, not just your cooked report.The CRA certainly did not cause the financial crisis. However, it did contribute to it.

Ironically, the very same people who insisted money be lent to people who could not afford houses are the very same people now bitching about those same "predatory loans".

Forcing banks to lend money is a piss poor idea. Piss poor loans help neither the lender nor the borrower. Yet, those who added fuel to the housing bubble have now whitewashed their role in the affair and beg for still more funds.

President Obama want to expand the CRA. Instead it should be added to the scrap heap of history along with Fannie Mae, Freddie Mac, HUD, HAMP, and thousands of affordable home programs all of which did anything but make homes affordable.

Now that home prices are falling, one might think the affordable home advocates would be happy. They are not. The hypocrites now want to prop up home prices on the belief that falling home prices hurt neighborhoods.

Read more at Mish s Global Economic Trend Analysis How the CRA Fueled the Housing Bubble

MORE right wing nonsense that you CAN'T show how the FIVE WALL STREET INVESTMENT BANKS GOT INVOLVED IN DUBYA'S SUBPRIME PONZI SCHEME (ALL NOT INVESTMENT BANKS TODAY, 3 ARE TOTALLY GONE)?

CRA? lol, BANKS GAVE OUT LOANS TO ANYONE WITH A PULSE YOU FDUMBFUKK!!!

 

[EdwardBaiamonte]

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

W was a liberal so why surprised he helped cause a recession????

 

[Dad2three]

Jamie [libsoviet] Gorelick: "your CRA business is very important to us . Since 1997, we have done nearly $7 billion in specially targeted CRA business- all with depositories like yours. But that is just the beginning. Before the decade is over Fannie Freddie is committed to finance over $20 billion in specially target CRA business and over $500 billion in CRA business altogether....

We want your CRA loans because they help us meet our housing goals... We will buy them from your portfolios or package them into securities...We will also purchase CRA loans you make right at the point of origination.... you can originate CRA loans for our purchase with one of our CRA friendly products, like our 3% down fanny 97. Or we have special community lending products with flexible underwriting and special financing... Our approach is CRA your way"

$20 BILLION? lol, the amount of subprimes during Dubya's ponzi scheme was $3+ trillion. GROW A FUKKING BRAIN!

 

[Dad2three]

HUD press release July 29,1999 "plan to require the nations two largest housing finance companies (Fan/Fred) to buy $2.4 trillion in mortgages over the next ten years to provide affordable housing for about 28.1 million low income families."

LINK? Didn't think so Bubba, lol

 

[Dad2three]

HUD press release July 29,1999 "plan to require the nations two largest housing finance companies (Fan/Fred) to buy $2.4 trillion in mortgages over the next ten years to provide affordable housing for about 28.1 million low income families."

LINK? lol

 

[EdwardBaiamonte]

MORE right wing nonsense that you CAN'T show how the FIVE WALL STREET INVESTMENT BANKS GOT INVOLVED IN DUBYA'S SUBPRIME PONZI SCHEME

1) Fanny Freddie CRA started long before the liberal Bush

2) IBanks got involved because govt was begging them for mortgages


Does the liberal understand now??

 

[EdwardBaiamonte]

HUD press release July 29,1999 "plan to require the nations two largest housing finance companies (Fan/Fred) to buy $2.4 trillion in mortgages over the next ten years to provide affordable housing for about 28.1 million low income families."

LINK? lol

too stupid the idiot liberal doesn't know how to use Google . Want to bet $10,000 the press release is real and quoted accurately???

 

[Dad2three]

HUD press release July 29,1999 "plan to require the nations two largest housing finance companies (Fan/Fred) to buy $2.4 trillion in mortgages over the next ten years to provide affordable housing for about 28.1 million low income families."

LINK? lol

too stupid the idiot liberal doesn't know how to use Google . Want to bet $10,000 the press release is real and quoted accurately???

So TWICE I'VE ASKED FOR LINKS AND NONE THERE HUH? lol

 

[Dad2three]

MORE right wing nonsense that you CAN'T show how the FIVE WALL STREET INVESTMENT BANKS GOT INVOLVED IN DUBYA'S SUBPRIME PONZI SCHEME

1) Fanny Freddie CRA started long before the liberal Bush

2) IBanks got involved because govt was begging them for mortgages


Does the liberal understand now??

For the Last Time, Fannie and Freddie Didn't Cause the Housing Crisis

The housing bubble occurred during a period when Fannie and Freddie's market share of high-risk mortgages dropped.

For the Last Time Fannie and Freddie Didn t Cause the Housing Crisis - The Atlantic


No, Lending To Poor People Did Not Cause The Financial Crisis

No Lending To Poor People Did Not Cause The Financial Crisis ThinkProgress

 

[EdwardBaiamonte]

MORE right wing nonsense that you CAN'T show how the FIVE WALL STREET INVESTMENT BANKS GOT INVOLVED IN DUBYA'S SUBPRIME PONZI SCHEME

1) Fanny Freddie CRA started long before the liberal Bush

2) IBanks got involved because govt was begging them for mortgages


Does the liberal understand now??

For the Last Time, Fannie and Freddie Didn't Cause the Housing Crisis

The housing bubble occurred during a period when Fannie and Freddie's market share of high-risk mortgages dropped.

For the Last Time Fannie and Freddie Didn t Cause the Housing Crisis - The Atlantic


No, Lending To Poor People Did Not Cause The Financial Crisis

No Lending To Poor People Did Not Cause The Financial Crisis ThinkProgress

100% stupid of course. CRA alone was responsible for 20% of Bank of America's non performing loans.

 

[EdwardBaiamonte]

For the Last Time, Fannie and Freddie Didn't Cause the Housing Crisis

Barney Frank: "I hope by next year we'll have abolished Fanny Freddie... it was a great mistake to push lower income people into homes they couldn't afford and couldn't really handle once they had it"


"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank

 

[Dad2three]

MORE right wing nonsense that you CAN'T show how the FIVE WALL STREET INVESTMENT BANKS GOT INVOLVED IN DUBYA'S SUBPRIME PONZI SCHEME

1) Fanny Freddie CRA started long before the liberal Bush

2) IBanks got involved because govt was begging them for mortgages


Does the liberal understand now??

For the Last Time, Fannie and Freddie Didn't Cause the Housing Crisis

The housing bubble occurred during a period when Fannie and Freddie's market share of high-risk mortgages dropped.

For the Last Time Fannie and Freddie Didn t Cause the Housing Crisis - The Atlantic


No, Lending To Poor People Did Not Cause The Financial Crisis

No Lending To Poor People Did Not Cause The Financial Crisis ThinkProgress

100% stupid of course. CRA alone was responsible for 20% of Bank of America's non performing loans.

No link to your BS huh? lol

 

[EdwardBaiamonte]

HUD press release July 29,1999 "plan to require the nations two largest housing finance companies (Fan/Fred) to buy $2.4 trillion in mortgages over the next ten years to provide affordable housing for about 28.1 million low income families."

LINK? lol

too stupid the idiot liberal doesn't know how to use Google . Want to bet $10,000 the press release is real and quoted accurately???

So TWICE I'VE ASKED FOR LINKS AND NONE THERE HUH? lol

so the perfect idiot liberal does not want to bet that Bank of America said on legal document that 17% of its non performing loans in 2009 were CRA loans??

 

[Dad2three]

For the Last Time, Fannie and Freddie Didn't Cause the Housing Crisis

Barney Frank: "I hope by next year we'll have abolished Fanny Freddie... it was a great mistake to push lower income people into homes they couldn't afford and couldn't really handle once they had it"


"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank

June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


($440 BILLION)

Home builders fight Bush's low-income housing - Jun. 17, 2004

 

[Faun]

. Even after being shown two indepent sources which concluded CRA loans were not responsible for the financial collapse,

perhaps not 100% responsible but CRA was a typical liberal program
designed to get people into homes the free market said they could not afford.


For the first time, banks were required to show results. One of the five performance criteria in the "lending test" — the most heavily weighted component of the CRA exam — was adopting "flexible lending practices" to address the credit needs of poor borrowers in "predominantly minority neighborhoods." Banks that didn't bend their underwriting rules risked flunking the exam.

Ex-Federal Reserve Board Gov. Lawrence Lindsey, a staunch CRA defender, acknowledges that the changes "did contribute to a downgrading of credit standards."

FICTION: "Many of these (CRA) loans were not very risky," the FCIC report claims.

FACT: Studies show that CRA loans have higher delinquencies and defaults and act as a major drag on bank earnings. In 2008, CRA loans accounted for just 7% of Bank of America's total mortgage lending, but 29% of its losses on home loans. Also, banks with the highest CRA ratings tend to have the lowest safety and soundness ratings.

FICTION: Only 6% of subprime loans were originated by banks subject to the CRA, so the vast majority of risky lending was not tied to the law.

FACT: Among other things, the figure does not count the trillions of dollars in CRA "commitments" that WaMu, BofA, JPMorgan Chase, Citibank, Wells Fargo and other large banks pledged to radical inner-city groups like Acorn, Greenlining and Neighborhood Assistance Corp. of America (NACA) after they used the public comment process to protest bank merger applications on CRA grounds.

All told, they shook down banks for $4.6 trillion in such commitments before the crisis, boasts a report by the National Community Reinvestment Coalition, or NCRC, the nation's top CRA lobbyist (which conveniently removed the report from its website during the FCIC hearings).

FICTION: "These loans performed well," the FCIC report maintained.

FACT: Brookings found that the loan commitments were set aside for low-income minorities with "marginal credit scores" and posed a higher risk. They were even riskier than regular CRA loans, because the banks delegated underwriting authority to the nonprofit shakedown groups, which had no experience judging credit risk.

NACA thinks traditional underwriting standards are "patronizing and racist." It advertises that anyone — "regardless of how bad your credit is" — can qualify for the mortgages it's arranged through special deals with banks. Not surprisingly, one study found that its delinquency rates were eight times higher than the national average.

Banks reported delinquency rates ranging from 5% to 50% on loans made pursuant to their merger-related commitments.

Yet the FCIC refused to investigate the more than 300 CRA agreements that banks and community organizers entered into before the subprime bubble burst.

Despite repeated requests by Commissioner Peter Wallison, the panel never examined the performance of the trillions in loan commitments.

Why would Chairman Angelides steer blame away from the CRA? Because he's a big fan of the CRA. And as California state treasurer, from 1999 to 2007, he steered billions in state funds into unsafe CRA mortgages securitized by Freddie Mac.

At the time, Greenlining advised Angelides on where to invest California state funds, even providing him with its own CRA report card on "good" and "bad" banks. He has also personally benefited from CRA projects brokered by his real estate development firms, according to "The Great American Bank Robbery."

As part of the CRA racket, Angelides should have been a witness in the crisis investigation, not its chief inquisitor. With the cover-up complete, he now hopes that CRA critics will go away.

"The debate about the role of the CRA should now be over as evidence presented in the commission's report is clear," Angelides declared earlier this month.

Sorry, sir, but the debate will end when the public has all the facts, not just your cooked report.The CRA certainly did not cause the financial crisis. However, it did contribute to it.

Ironically, the very same people who insisted money be lent to people who could not afford houses are the very same people now bitching about those same "predatory loans".

Forcing banks to lend money is a piss poor idea. Piss poor loans help neither the lender nor the borrower. Yet, those who added fuel to the housing bubble have now whitewashed their role in the affair and beg for still more funds.

President Obama want to expand the CRA. Instead it should be added to the scrap heap of history along with Fannie Mae, Freddie Mac, HUD, HAMP, and thousands of affordable home programs all of which did anything but make homes affordable.

Now that home prices are falling, one might think the affordable home advocates would be happy. They are not. The hypocrites now want to prop up home prices on the belief that falling home prices hurt neighborhoods.

Read more at Mish s Global Economic Trend Analysis How the CRA Fueled the Housing Bubble

Mish said so.



Mish's blog is rendered useless against two independent teams of economists whose findings laugh at Mish's.

But hey, kudos to you for scouring the Internet for an opinion you like.